Jul.3 (Reuters) – Nasdaq futures rose on Monday as Tesla expanded profits after the electric vehicle maker reported record vehicle deliveries in the second quarter.
Tesla (TSLA.O) gained 6.6% in premarket trading, a day after the company’s quarterly vehicle shipments beat market estimates thanks to incentives and steeper discounts.
All three major US indices ended the first half of the year on a positive note on Friday, with the Nasdaq Composite (.IXIC) rising 31.7% to its strongest first half gain in four decades amid concerns about a recession and a banking crisis.
“Powered by the AI frenzy of enthusiasm, a handful of technology companies have become money magnets, allaying any concerns about the impact of high interest rates and banking turmoil,” said Susannah Streeter, head of money and markets at Hargreaves Lansdown.
“The second half of the year will continue to be dominated by speculation about how high interest rates will get and how long they will stay there.”
Investors awaited the minutes of the Federal Reserve’s latest policy meeting for signals of central bank monetary tightening. The minutes will be released on Wednesday.
At 6:59 a.m. ET, the Dow e-minis were down 49 points, or 0.14%, the S&P 500 e-minis were up 1.5 points, or 0.03%, and the Nasdaq 100 e-minis were up 27 Up .5 points, or 0.18%.
Trading volumes are expected to be small as markets are only open for half a day ahead of Independence Day on Tuesday.
Investors also awaited surveys on US manufacturing and services, data on job openings and the June payroll report.
Among other risers, Apple (AAPL.O) fell 0.4%, following a strong rally last week that saw the world’s most valuable company reach a market cap of more than $3 trillion on Friday.
US-listed shares of Chinese automakers Xpeng, Li Auto and Nio rose 5.8% to 9.1% after the companies reported an increase in vehicle deliveries in June compared to a year earlier.
Oil giants Chevron (CVX.N) and Exxon Mobil (XOM.N) gained 1.0% and 0.7% respectively, following a rise in oil prices after top exporters Saudi Arabia and Russia announced supply restrictions for August.
Fidelity National Information Services (FIS.N) added 9.3% as buyout groups weighed bids for a majority stake in Worldpay, co-owned by the financial services company, according to a report from the Financial Times.
Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Edited by Pooja Desai and Vinay Dwivedi